Core Viewpoint - The recent IPO market for Hong Kong stocks is experiencing a downturn, with an increase in the rate of new stocks breaking below their issue prices, influenced by geopolitical conflicts, tightening liquidity, and cautious market sentiment [2][10]. Group 1: IPO Performance - The IPO of Tong Shifu, dubbed the "Bubble Mart for middle-aged people," saw its stock price drop nearly 50% on its first day of trading, opening at HKD 35.42, down 40.97% from the issue price of HKD 60, and closing at HKD 30.50, a decline of 49.17% [4][6]. - In March, 15 new stocks were listed on the Hong Kong stock market, with 4 of them breaking below their issue prices, resulting in a break rate exceeding 20% [2][10]. Group 2: Company Overview - Tong Shifu specializes in developing copper cultural and creative products by combining traditional craftsmanship with modern design, holding a 35% market share in China's copper cultural product market [7]. - The company's revenue for 2022 to 2024 is projected to be approximately HKD 5.03 billion, HKD 5.06 billion, and HKD 5.71 billion, with net profits of HKD 569.38 million, HKD 441.31 million, and HKD 789.82 million respectively [7]. - In the first three quarters of 2025, the company reported a revenue increase of 11.26% to HKD 4.48 billion, but net profit decreased by 21.99% to HKD 415.53 million, indicating a "growth without profit" scenario [7]. Group 3: Market Dynamics - The increase in IPO break rates is attributed to market adjustments, with some new stocks being overvalued compared to A-share anchors, leading to price corrections post-listing [11]. - The market environment has been affected by geopolitical tensions and energy crises, which have pressured risk assets and caused significant index pullbacks [10]. Group 4: Investment Strategies - Investors are advised to focus on stocks with strong cornerstone investors, green shoe options, or "quick entry" mechanisms, particularly in leading industries such as AI and high-end manufacturing, while avoiding overvalued stocks with weak fundamentals [14].

Investment Rating - The industry investment rating is "Recommendation" indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [72]. Core Insights - The cultural and creative product market in China is steadily expanding, with the market size projected to grow from CNY 286.9 billion in 2019 to CNY 464.7 billion by 2029. Among materials, plastic resin is experiencing the fastest growth, while the metal cultural market is stable, with copper cultural products expected to reach a market size of CNY 1.6 billion in 2024, accounting for 6.3% of the metal cultural market [10][15]. - The industry exhibits a dual oligopoly structure, with the report's company, Copper Master, holding a significant online market share of 44.1% and a total market share of 35.0% in the copper cultural product market [22][23]. - Copper Master is expanding its direct sales network, with a focus on copper cultural products, which are the core of its offerings. The company plans to open approximately 70 new stores from 2026 to 2028, enhancing its offline presence [24][25]. Industry Overview Industry Scale - The cultural and creative product market is expected to grow significantly, with copper cultural products showing a compound annual growth rate (CAGR) of 7.3% from 2019 to 2024 [10][15]. - The demand for copper decorative items is strong, driven by gifting and decorative needs, with the market for copper figurines projected to be CNY 1.234 billion in 2024 [15][20]. Industry Structure - The copper cultural industry has around 1,000 participants, with a high concentration of market share among the top players. The top three companies hold a combined market share of 71.9% [22][23]. - Copper Master leads the market with a revenue of CNY 551.3 million in 2024, followed by Company A and Company B [23]. Company Performance - Copper Master reported a revenue of CNY 448 million in the first three quarters of 2025, reflecting an 11.2% year-on-year growth, with total sales exceeding 1.5 million units, a 35.1% increase [25][30]. - The company has maintained a gross margin of around 34.3% in 2025, although net profit margins have faced pressure due to increased expenses related to channel expansion and brand promotion [34][35].

Market Performance - A-shares halted their decline, with the Shanghai Composite Index rising by 1.78% to 3881.28 points, and the Shenzhen Component Index increasing by 1.43%[1] - The Hang Seng Index opened higher, gaining 2.79% to close at 25063.71 points, while the Hang Seng Technology Index surged by 2.51%[1] - The total market turnover in Hong Kong reached 3030.734 million HKD[1] Geopolitical Developments - President Trump hinted at a potential diplomatic breakthrough with Iran, suggesting that Iran has made a significant gesture related to the Strait of Hormuz, with negotiations ongoing[12] - The U.S. is reportedly seeking a one-month ceasefire to facilitate diplomatic discussions with Iran, proposing a 15-point plan to end the conflict[12] Economic Indicators - The S&P Global PMI indicated that U.S. business activity growth slowed to its lowest level in nearly a year, with input prices rising following the outbreak of the Iran conflict[12] - The composite output index fell to 51.4, with a reading above 50 indicating expansion, while input prices rose to their highest level since May[12] Investment Trends - China's sovereign wealth fund, CIC, is reportedly re-engaging with U.S. asset management firms, including Blackstone and TPG, after previously reducing exposure to the U.S.[12]

Investment Rating - The report suggests a cautious subscription for the company Copper Master (0664.HK) [1] Core Insights - The company is a leading cultural and creative brand in China, focusing on copper cultural products, with copper products accounting for 96.6% of total revenue in 2024 [2] - The company ranks first in the Chinese copper cultural craft market, with an estimated market share of 35.0% by revenue in 2024 [2] - The cultural and creative product market in China has shown steady growth, with a CAGR of 4.3% over the past six years, and is expected to reach a market size of 464.7 billion yuan by 2029 [2] - The copper cultural product segment is projected to grow from 1.11 billion yuan in 2019 to 1.58 billion yuan in 2024, with a CAGR of 7.7% [2] Financial Performance - The company has maintained stable revenue growth, with revenues of 503 million, 506 million, and 571 million yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of +0.6%, +12.8%, and +11.3% [3] - Net profit figures for the same years are 57 million, 44 million, and 79 million yuan, with a significant year-on-year increase of +79.0% in 2024 [3] - The gross profit margins for 2022, 2023, and 2024 are 32.2%, 32.4%, and 35.4% respectively, while net profit margins are 11.3%, 8.7%, and 13.8% [3] - The company aims to deepen its IP matrix and optimize its multi-channel ecosystem while accelerating its international market expansion [3] Market Valuation - The estimated market capitalization for Copper Master is approximately 4.12 billion HKD, with a projected PE ratio of 46.0 for 2024 [5]

HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD. 杭州銅師傅文創（集團）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 0664 全球發售 獨家保薦人、獨家保薦人兼整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 杭州銅師傅文創（集團）股份有限公司 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應取得獨立專業意見。 HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD. 杭 州 銅 師 傅 文 創（ 集 團 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 獨家保薦人、獨家保薦人兼整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發 ...

Group 1 - The core viewpoint of the article highlights the recent IPO activities in Hong Kong, the US, and A-shares, focusing on companies like Tong Shifu and Fei Su Innovation [1][2] Group 2 - Tong Shifu, established in 2013, specializes in combining traditional craftsmanship with modern design, focusing on copper cultural products, and is projected to hold a 35.0% market share in China's copper cultural craft product market by 2024 [3][4] - The company is expanding its product range to include plastic figurines, silver, and gold cultural products, with a new sub-brand "Xi Jiang Jin Pu" for gold products, which are made from 999 pure gold [4] - From 2022 to 2024, Tong Shifu plans to launch 583, 514, and 707 new SKUs respectively, and has secured numerous intellectual property rights to maintain its competitive edge [4] - Financially, Tong Shifu's revenues for 2022, 2023, and 2024 are projected at 503 million, 506 million, and 571 million yuan respectively, with a revenue increase of 11.4% in the first three quarters of 2025 [4] - The net profits for the same years are 57 million, 44 million, 79 million, and 42 million yuan, with net profit margins of 11.3%, 8.7%, 13.8%, and 9.3% respectively [5] - Tong Shifu has attracted investments from notable institutions including Shunwei Capital, Xiaomi, and others [5] Group 3 - Fei Su Innovation commenced its IPO process on March 13, 2023, with plans to issue 40 million H-shares, aiming to raise up to 1.664 billion HKD [7] - The company is recognized as the second largest player in the global online DTC network solutions market with a market share of 6.9% as of 2024 [7]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD. 杭州銅師傅文創（集團）股份有限公司 本文件為草擬本，其所載資訊不完整及可作更改。閱讀本文件有關資料時，必須一併細閱本文件首頁上「警告」一節。 重要提示 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文 件，即代表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表 示同意： 倘在適當時候向香港公眾人士發出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長 登記的本公司招股章程作出投資決定，招股章程 ...

Core Viewpoint - The China Securities Regulatory Commission has approved Hangzhou Tongshifu Cultural Creative Group Co., Ltd. to issue up to 21.85 million overseas listed ordinary shares and convert 54,820,401 shares held by 58 shareholders into overseas listed shares for trading on the Hong Kong Stock Exchange [1][3]. Group 1: Company Overview - Tongshifu focuses on integrating traditional craftsmanship with modern design to develop copper cultural creative products [3]. - The company holds the leading position in the Chinese copper cultural creative product market, with a market share of 35.0% as of the fiscal year ending December 31, 2024 [3]. - The company extends its material offerings to gold, silver, and plastic, aiming to attract a broader audience and expand creative possibilities [3]. Group 2: Shareholder Information - A total of 58 shareholders are involved in the conversion of shares, with the largest shareholder, Qian Guang, holding 14,971,100 shares for conversion [4]. - Other notable shareholders include Shunwei Ventures III (Hong Kong) Limited with 7,631,981 shares and Tianjin Jinmi Investment Partnership with 5,451,418 shares [4]. - The total number of shares being converted for overseas listing amounts to 54,820,401 [5].

Core Viewpoint - The company Tong Shifu, known for its copper cultural products, is positioning itself as the "Bubble Mart for middle-aged men" and is preparing for an IPO to become the first publicly listed company in the copper cultural sector [1][3]. Market Position - As of 2024, Tong Shifu holds the largest market share in China's copper cultural craft product market at 35% [2]. - The market for copper cultural crafts is relatively small, with an estimated size of 1.58 billion yuan in 2024, projected to grow to 2.3 billion yuan by 2029 [20]. Financial Performance - Revenue from Tong Shifu's copper cultural products is projected to grow from 503.2 million yuan in 2022 to 571.2 million yuan in 2024, with net profits expected to increase from 56.9 million yuan to 78.98 million yuan in the same period [5][6]. - In the first half of 2025, revenue was 292 million yuan, a decrease of 11.2% year-on-year, attributed to strategic resource allocation towards new product development [5]. Product and IP Strategy - Tong Shifu has developed a comprehensive IP matrix, including self-developed and licensed IPs, with significant revenue contributions from self-developed IPs [7][9]. - The company has launched various product lines, including copper, silver, and gold cultural products, with a notable focus on appealing to younger consumers through sub-brands [17][18]. Sales Channels - The company primarily relies on online sales, with online direct sales accounting for approximately 70% of total revenue from 2022 to 2025 [10]. - Tong Shifu is expanding its offline presence, planning to open 50 new stores in major cities over the next three years [11]. Cost and Pricing - The average copper purchase price has increased from 58.6 yuan/kg in 2022 to 65.2 yuan/kg in 2025, impacting profit margins [21][22]. - The company offers a wide range of products, from low-cost items to high-end pieces, with the lowest priced item at 38 yuan and the highest at approximately 80,700 yuan [22]. Brand Perception and Challenges - Despite its growth, Tong Shifu faces challenges in attracting younger consumers compared to competitors like Bubble Mart, as its products lack the same cultural penetration and appeal [20][24]. - The company aims to enhance the cultural value of its products to establish a stronger market position and differentiate itself from competitors [23].

Core Viewpoint - The company Tong Shifu, known for its copper cultural products, is positioning itself as the "Bubble Mart for middle-aged men" and is preparing for an IPO to become the first publicly listed company in the copper cultural sector in China [2][11]. Financial Performance - Tong Shifu's revenue from 2022 to 2024 is projected to grow from 503.2 million RMB to 571.2 million RMB, with net profits of 56.9 million RMB, 44.1 million RMB, and 78.9 million RMB respectively [4][5]. - In the first half of 2025, revenue decreased by 11.2% year-on-year to 292 million RMB, primarily due to strategic resource allocation towards product development [4][10]. - The company reported a net profit of 30.2 million RMB in the first half of 2025, down 23.9% year-on-year, attributed to IPO-related expenses [4][10]. Market Position - As of 2024, Tong Shifu holds a 35% market share in the copper cultural product market in China, leading the sector [2][16]. - The overall market for copper cultural products is expected to grow from 15.8 billion RMB in 2024 to 23 billion RMB by 2029 [16]. Product and IP Strategy - The company has developed a comprehensive IP matrix, including self-developed and licensed IPs, with self-developed IPs contributing significantly to revenue [6][8]. - Revenue from self-developed IPs from 2022 to 2025 is projected to be 474 million RMB, 447 million RMB, 535 million RMB, and 281 million RMB, respectively, accounting for over 90% of total revenue [8][12]. Sales Channels - Tong Shifu operates a multi-channel sales network, with online direct sales accounting for approximately 70% of total revenue from 2022 to 2025 [9][10]. - The company plans to expand its offline retail presence, aiming to open 50 new stores in major cities over the next three years [10]. Cost and Pricing - The average copper purchase price has increased from 58.6 RMB/kg in 2022 to 65.2 RMB/kg in 2025, impacting profit margins [17][18]. - The company offers a wide range of products, with prices ranging from 38 RMB for basic items to over 80,000 RMB for premium products [18]. Brand Perception and Future Outlook - Despite its strong market position, the company faces challenges in appealing to younger consumers and differentiating itself from competitors like Bubble Mart and traditional gold brands [19][20]. - The company aims to enhance its cultural value and brand influence while continuing to innovate and expand internationally [10][19].